As floor space erodes, the copper price remains aloft
A look at one data set from my new premium subscription to macro geek fest, MacroMicro. I’ve just begun looking into it this morning and look forward to including its macro fundamental indications in NFTRH going forward.
The obvious conclusion to the discrepancy between China floor space and the copper price is that newer markets, like EV, and old problems, like war (and the need to rebuild) may be driving copper more than the old “China growth” play. That and the remnants of the good old fashioned inflation problem markets and economies are still dealing with to varying degrees.
But at face value, two data points that have spent more time aligned than not are now very much non-aligned.
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